78% of global businesses turn to AI to strengthen fraud defences, new report finds

A growing number of businesses worldwide are turning to artificial intelligence (AI) to combat financial threats, with 78% of global business and technology leaders reporting improvements in fraud detection and risk management following the implementation of AI tools. This insight comes from the newly released report, The Harmony Gap: Finding the Financial Upside in Uncertainty, jointly published by global fintech leader FIS® and Oxford Economics.

The comprehensive report explores how organisations are using AI to address “disharmony” – a term the study defines as operational and financial inefficiencies across the money lifecycle. The findings paint a picture of both opportunity and caution: while a majority of businesses are benefiting from AI, challenges in adoption persist.

According to the research, 56% of business leaders say their organisations are now scaling or fully deploying AI in financial processes. Another 45% plan to increase their AI investment over the next two years, highlighting sustained confidence in the technology’s role in driving efficiency and security.

“As threat actors adopt AI to commit fraud, it becomes increasingly important for businesses to employ AI to combat these sophisticated threats across the money lifecycle to help drive efficiency and bolster security,” said Firdaus Bhathena, Chief Technology Officer at FIS.

Still, the report underscores the practical barriers holding many companies back. High costs for implementation and maintenance were the most commonly cited concern (73%), followed by a shortage of in-house expertise (64%) and challenges with system integration (58%).

“While AI can have benefits, challenges in adoption such as financial and leadership hurdles are slowing down scalability despite optimism, based upon early uses in areas like fraud detection,” added Bhathena. “Ultimately, overcoming these barriers and harnessing AI’s potential requires strategic investment, rigorous cybersecurity, empowered employees and strong leadership,”

The Harmony Gap report is based on two surveys of more than 1,000 senior executives and business leaders across the US, UK and Singapore, covering industries such as financial services, insurance, technology, and government. Conducted in late 2024, the research offers a timely snapshot of how AI is reshaping the financial technology landscape and preparing businesses for a future defined by smarter, faster, and more secure operations.